SUN VALLEY, Idaho — Things are about to get heated here at the Allen & Co. mogulfest — and not just around the meeting rooms and break-out sessions chock-a-block with media and tech titans.

Temperatures hit 92 degrees on Tuesday in this mountainous resort, the start of five days of unseasonably warm temperatures. That is so apropos — as the dealmaking is expected to be just as hot.

It’s the 31st year that investment bank Allen & Co., which advised Facebook on its $19 billion acquisition of Whatsapp earlier this year, has held the annual meeting.

As the gathering began on Tuesday afternoon, AOL’s Tim Armstrong and Twitter’s Dick Costolo were early arrivals — and both could use a deal or two to turn around a 2014 that has seen their companies’ shares dip 14 percent and 41 percent, respectively.

Jeff Weiner of LinkedIn also arrived Tuesday, joining former New York Knick Bill Bradley.

Google CEO Larry Page is expected to kick off the five-day confab on Wednesday with a talk to begin at 8:45 a.m., The Post has learned.

Time Warner CEO Jeff Bewkes will be a belle of the ball as moguls eye the stripped-down content company, which owns HBO and CNN, as a potential buyout target. Telecom CEOs Verizon and AT&T are also expected to hunt for content to rival Comcast’s NBC.

The M&A landscape is so heated that one CEO announced a $20 million fundraising round just as the conference was getting started. Wences Cesares, the only bitcoin exec to attend “Mogulpalooza,” announced the venture capital investment in Xapo, a bitcoin wallet startup, before most guests arrived.

On Tuesday evening, the execs gathered for a BBQ deep in the woods at the Trail Creek restaurant just as the weather cooled. Some of them rode in horse-drawn carriages to the festive event, including Armstrong.